Throughout the coronavirus pandemic, Chase has helped cardholders squeeze value out of their rewards cards, including offering limited-time bonus rewards on groceries, access to exclusive Chase Dining experiences, the introduction and extension of the Chase Pay Yourself Back tool through September 2021 and more.
Additionally, you can balance out home cooking with Chase’s exclusive Peloton membership credits for Sapphire cardholders. Through Dec. 31, 2021, Chase Sapphire Reserve cardholders can earn up to $120 in statement credits when they pay for a Peloton membership with their card, while Chase Sapphire Preferred cardholders can earn up to $60 in credits. Cardmembers can also enjoy 5x to 10x points on Peloton Bikes and Treads starting March 30, 2021.
“We’ve heard from our cardmembers that personal wellness and connecting with others through new experiences are core to their lifestyle—even more so during this past year,” said Marleta Ross, general manager of Chase Sapphire, in a statement.
What is Peloton?
Peloton is best known for its line of high-end, smart exercise bikes and treadmills, which range in price from around $1,800 to over $4,000. The equipment comes rigged with touch screen tablets that let Peloton members stream thousands of on-demand or live fitness classes, including indoor cycling, outdoor and indoor running, yoga, strength training and more.
The company has gained a devoted following in recent years, with riders and runners pushing for a top spot on their classes’ leaderboard. But even if you don’t want to drop $2,000 or more on Peloton equipment, you can still sign up for a Peloton membership and participate in Peloton classes via the Peloton App.
You can also join the #SapphireSquad tag within Peloton to connect and compete with your fellow Chase Sapphire cardholders.
Peloton membership tiers
Peloton offers two membership tiers: All-Access and Digital. Both membership types get you access to Peloton’s library of at-home workout content, but they come with different price points and equipment requirements.
The Peloton All-Access membership is designed for Peloton bike or treadmill owners. It costs $39 per month, covers an entire household and offers access to Pelton’s full library of classes and on-the-go workouts with the Peloton app.
The Digital membership, meanwhile, costs $12.99 per month and offers individual access to Peloton studio and outdoor running classes via the Peloton app. The Digital Membership does not require Peloton hardware.
How does the Chase Sapphire Peloton credit work?
You can earn up to $120 in statement credits on your Digital or All-Access Peloton membership as a Sapphire Reserve cardholder or up to $60 in credits as a Sapphire Preferred cardholder when you pay with your card.
These statement credits are applied automatically when you pay for your Peloton membership, essentially canceling out your charge. Here’s how to get started, per Peloton:
- New All-Access members: Simply use an eligible Chase card when you activate your Peloton membership.
- Existing All-Access members: Check if your eligible Chase card is associated with your account. If not, be sure to add it as your default payment method.
- New Digital members: Enroll here and use your eligible Chase card to set up your membership (if you enroll through an app store, you won’t be able to redeem the benefit).
- Existing Digital members: Log into your Peloton account and look for your membership under “My Memberships” to ensure your account is managed by Peloton. If so, simply set your eligible Chase card as your default payment method. If not, you must cancel your existing membership and re-enroll using your eligible Chase card. (All your workouts, badges and achievements will carry over when you re-enroll.)
Depending on which card you have and which membership tier you choose, this new credit could pay you back for several months of a Peloton membership.
The bottom line
The membership perk is a terrific bonus benefit for Sapphire cardholders who want to double down on fitness—whether you’re already a Peloton member, were considering buying Peloton equipment or are simply looking for a way to stay active at home. And with the added rewards rate of 5x to 10x points on Peloton Bikes and Treads starting March 30, 2021, there’s even more reason to jump on the (bike) saddle.